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3 Surprises That Could Rattle Oil Markets in 2024 - Barron's

Barron's · last updated

3 Surprises That Could Rattle Oil Markets in 2024 - Barron's

3 Surprises That Could Rattle Oil Markets in 2024

Dec 22, 2023, 2:06 pm EST

Oil prices have slumped to close out the year, dropping nearly 20% from their September highs. Analysts expect prices to rise modestly early in 2024 as demand improves and production cuts by the Organization of the Petroleum Exporting Countries keep the market balanced. But a few factors could cause a much larger reaction in oil prices—impacting stocks and overall inflation. Three risks stand out as the year closes out.

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Related Knowledge Center: ENERGY BASICS: petroleum

State of Play

While electric-powered vehicles may be the ride of the future, oil remains at least for now the dominant fuel for transportation around the world. And after a period of time at the end of the 20th century when oil was subject to wide fluctuations in price, new supplies in North America as a result of non-conventional recovery techniques have helped stabilize prices.

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